National Grid(CH:NG)
CH:NG
National Grid earnings date
National Grid (NG) Q2 2027 Earnings Report
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CH:NG Q2 2027 EPS Results
- Actual EPS
- GBP 0.37
- Consensus EPS
- GBP 0.35
- Beat/Miss
- Beat by +GBP 0.02
- One Year Ago EPS
- GBP 0.30
CH:NG Q2 2027 Revenue Results
- Actual Revenue
- GBP 8.00B
- Expected Revenue
- GBP 7.68B
- Beat/Miss
- Beat by +GBP 316.28M
- YoY Revenue Growth
- +13.18%
Earnings Announcement Details
- Quarter
- Q2 2027
- Date
- 11/05/2026
- Time
- Before Open
- Conference Call
- Thursday, November 5, 2026
CH:NG Upcoming Earnings
National Grid's next earnings date is estimated for May 20, 2027, based on past reporting schedules.
Q2 2027 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2027 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2027 Earnings Call Summary
Q2 2027
Earnings Call Date:Nov 05, 2026|% Change Since:―|
Earnings Call Sentiment|Positive
The call was strongly positive overall. National Grid reported record capital investment, double-digit operating profit and EPS growth, upgraded FY '27 investment and EPS guidance, significant progress across ASTI and U.S. projects, operational productivity gains and reaffirmed its five-year growth framework. The main negatives were higher net debt and finance costs, lower operating cash flow growth guidance, a decline in New England and National Grid Ventures contributions, the Community Wind exit, project-specific execution challenges and ongoing inflation, affordability and regulatory uncertainties. Highlights significantly outweighed lowlights.
Company Guidance
National Grid now expects full year investment of GBP 13.5 billion, supporting at least GBP 70 billion by the end of FY '31, with underlying EPS growth guidance of 15% to 16% and net debt around GBP 4 billion higher, including the remaining Joulent funding; its 5-year framework includes at least GBP 70 billion of capital investment, around 10% annual asset growth, underlying EPS growth of 8% to 10% per annum from the FY '26 baseline, regulated controllable cost growth CAGR below U.K. CPIH over the 5-year period to FY '31, a progressive inflation-protected dividend policy, credit metrics above our current thresholds to at least FY '31, and double-digit investor returns.
- Record Capital Investment and Upgraded GuidanceFirst-half capital investment increased 32% to GBP 6.7 billion, a record first-half level. Full-year investment guidance was upgraded to GBP 13.5 billion, supporting the run rate required to deliver at least GBP 70 billion by the end of FY '31.
- Strong Earnings Growth and Higher EPS GuidanceUnderlying operating profit increased 13% to GBP 2.6 billion and underlying EPS increased 22% to 36.5p, supported by stronger business performance and two one-off fair value gains in National Grid Partners. Full-year EPS growth guidance was slightly upgraded to 15% to 16%.
- Progressive Dividend IncreaseThe Board declared an interim dividend of 16.97p per share, a year-on-year increase of 3.8%, in line with the policy of delivering an inflation-protected progressive dividend.
- Supply Chain De-riskingNational Grid secured over GBP 3 billion of additional delivery mechanisms during the first half, taking total coverage to over 80% of the broader investment program. The company said 100% of the primary supply chain for ASTI projects is secured.
- U.K. Electricity Transmission GrowthU.K. electricity transmission investment increased 71% to GBP 2.9 billion, while underlying operating profit increased 45% to GBP 1.2 billion. The business is executing the RIIO-T3 framework, which includes GBP 31 billion of investment over five years to double network capacity across England and Wales, connect 35 gigawatts of supply and 19 gigawatts of demand, and help avoid constraint costs for consumers.
- ASTI Program AdvancingASTI investment reached GBP 1.5 billion in the first half, all six Wave 1 projects are in construction, and 15% of Wave 1 and 5% of Wave 2 investment was deployed. The timetable remains on schedule, with all remaining ASTI planning submissions expected by the end of March 2027.
- Major U.K. Project MilestonesThe 2.2-kilometer Thames Crossing for Grain to Tilbury was completed 49 days ahead of schedule. Yorkshire Green is progressing well and is expected to be the first ASTI project to go live, while the company also energized a 1.4-gigawatt offshore wind farm.
- U.K. Distribution Investment and ED3 PlanU.K. electricity distribution investment increased 10% to GBP 834 million. National Grid is finalizing its ED3 business plan, reaffirming planned investment of GBP 9 billion over the next five years, 40% higher than the previous period, to support asset health, resilience, connections and regional economic development.
- Generation Connections IncreasedNational Grid connected 2.5 gigawatts of generation in the first half, including the Sofia Wind Farm and a battery project in Newport. This was more than double the generation connected during the whole of FY '26.
- U.S. Rate Base and Investment GrowthThe U.S. rate base has grown by over 70% since 2020. First-half New York investment increased 11% to GBP 1.8 billion, while New England investment increased 14% to GBP 1.1 billion, driven by network resilience, asset condition, system capacity, modernization and gas mains replacement.
- U.S. Operating Profit Growth in New YorkNew York underlying operating profit increased 9% to GBP 487 million, driven by higher net revenue from asset base growth and recovery of previously unremunerated costs.
- Micron Semiconductor DevelopmentWork began on the first phase of the electricity connection for Micron's semiconductor manufacturing site in Upstate New York, supporting an initial 480 megawatts of demand. At full build, demand is expected to reach around 2 gigawatts, with Micron investing more than $100 billion in Central New York and creating approximately 9,000 direct jobs plus almost 50,000 broader regional and supply-chain jobs.
- Operational Productivity ImprovementsThe Lighthouse productivity pilot helped crews reach first jobs 15% faster, reduced travel time between jobs by 25%, enabled up to one-third more valve inspections per day and reduced unplanned overtime on Long Island by 75%. The program is being rolled out across Upstate New York Gas.
- Customer Service and Billing ImprovementsNew England first-time billing accuracy improved to over 96%, up 2 percentage points year on year, while AMI meter deployment increased tenfold over the same period. National Grid said customer satisfaction scores improved across both the U.K. and U.S.
- Affordability and Customer Support MeasuresNational Grid enrolled over 65,000 additional U.S. customers in low-income discount rates during the past year. U.K. interconnectors have generated GBP 400 million in payments to consumers over the past 3.5 years, with a further GBP 300 million forecast over the next 2.5 years subject to Ofgem approval.
- Technology and AI DeploymentThe company is scaling technology and AI tools to improve productivity, capital delivery, network capacity, asset reliability and customer experience. Examples include Sensat infrastructure mapping, Exodigo underground mapping, Envelio network analytics, GridCare for unlocking network capacity, Kraken across 6.5 million U.S. customers and Amazon Connect for 8 million U.K. distribution customers.
- Organizational Simplification and HiringNational Grid reduced its group executive committee from 13 members to 8 and aligned the organization behind newly formed U.K. and U.S. businesses. It hired more than 3,600 people in the first half, with 90% joining operational businesses, including more than 400 graduates and apprentices, and committed GBP 5 million to training and qualifications for 5,000 young people in the U.K.
- Joulent and Project Kilby ProgressNational Grid invested GBP 941 million in the Joulent joint venture during the first half and expects the remaining portion of its GBP 1.3 billion commitment to be deployed in the coming months. Project Kilby is a 2.7-gigawatt co-located data center power facility in West Texas with a 50-50 Chevron joint venture, secured turbines and critical equipment, and a signed 20-year power purchase agreement with Microsoft. First power is targeted for 2028.
- Long-Term Financial Framework ReaffirmedNational Grid reaffirmed its five-year framework, including at least GBP 70 billion of capital investment, approximately 10% annual asset growth and underlying EPS growth of 8% to 10% per year from the FY '26 baseline. The company also expects to maintain credit metrics above current thresholds through at least FY '31 and deliver double-digit investor returns.
- Resilience of the Regulated Business ModelManagement said inflation protection, revenue indexation, cost recovery, investment pacing and limited wholesale energy cost exposure help reduce macroeconomic volatility. Around 75% of the debt book is covered by operating-company recovery mechanisms, only around 10% of net debt is rate sensitive, and a sustained 100-basis-point rate increase across the five-year framework would affect FY '31 EPS by around 1p.
- Policy and Regulatory EngagementNational Grid is progressing U.K. price controls and U.S. rate cases, submitted a one-year rate stabilization for KEDNY and KEDLI intended to keep customer bills flat for one year, and committed to a long-term ambition for 70% of future U.K. supply-chain spending value to be delivered in the U.K.
CH:NG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| May 20, 2027 | 2027 (Q4) | 0.57- | 0.48 | ― | ― |
| Nov 05, 2026 | 2027 (Q2) | 0.350.36 | 0.3 | 22.48% (+0.07) | |
| May 14, 2026 | 2026 (Q4) | 0.480.48 | 0.45 | 6.64% (+0.03) | |
| Nov 06, 2025 | 2026 (Q2) | 0.270.30 | 0.28 | 6.05% (+0.02) | |
| May 15, 2025 | 2025 (Q4) | 0.450.45 | 0.42 | 6.60% (+0.03) | |
| Nov 07, 2024 | 2025 (Q2) | 0.270.28 | 0.22 | 28.31% (+0.06) | |
| May 23, 2024 | 2024 (Q4) | 0.420.42 | 0.35 | 21.49% (+0.07) | |
| Nov 09, 2023 | 2024 (Q2) | 0.220.22 | 0.27 | -19.19% (-0.05) | |
| May 18, 2023 | 2023 (Q4) | 0.350.35 | 0.55 | -36.78% (-0.20) | |
| Nov 10, 2022 | 2023 (Q2) | 0.200.27 | 0.1 | 179.38% (+0.17) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
